Biden Backs Unionization At Tesla, Lucid's Dismal Quarter, Fisker Scouting Manufacturing Partners And More: Biggest EV Stories Of The Week
Portfolio Pulse from Shanthi Rexaline
Electric vehicle stocks experienced a downturn in the week ending Nov. 11, with Lucid Group reporting a disappointing quarter and lowering its 2023 production outlook. Tesla faced unionization support from President Biden and labor issues in Sweden, while also adjusting prices in China. Fisker is seeking manufacturing partners, and Canoo unveiled a new electric truck. Mercedes-Benz is expanding its charging network in the U.S. The KraneShares Electric Vehicles ETF saw a weekly decline.
November 11, 2023 | 3:28 pm
News sentiment analysis
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POSITIVE IMPACT
Fisker is in talks with automakers to form a manufacturing partnership for its EVs, with negotiations ongoing with five potential partners.
The search for manufacturing partners is a positive development for Fisker's production capabilities and could lead to positive investor sentiment in the short term.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Mercedes-Benz Group AG is expanding its North American EV charging network by partnering with Buc-ee's to set up charging stations across the U.S.
The expansion of the charging network is a strategic move that could enhance Mercedes-Benz's competitive position in the EV market and positively impact investor sentiment.
CONFIDENCE 80
IMPORTANCE 65
RELEVANCE 60
NEUTRAL IMPACT
Canoo introduced the 'American Bulldog,' a new electric quad-cab truck, as it continues to innovate despite being a struggling EV startup.
The introduction of a new vehicle model could generate investor interest, but Canoo's overall financial struggles may temper the short-term impact on its stock.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
Tesla is dealing with labor union issues in Sweden and received support from President Biden for unionization. It also raised prices for some models in China and is expected to build a $25,000 EV within 18 months.
While labor issues and unionization support could pose challenges, the price adjustments and future production plans may balance the short-term impact on Tesla's stock.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
The KraneShares Electric Vehicles and Future Mobility Index ETF ended the week down 4.28%, reflecting the broader downturn in the EV market.
The ETF's performance is directly tied to the EV sector, and the current downturn in the market suggests a negative short-term impact on its price.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
Lucid Group reported a subpar Q3 with lower-than-expected revenue and reduced its 2023 production guidance, causing its stock to drop to a record low.
Lucid's poor earnings report and lowered production forecast are significant negative indicators for investor sentiment and stock performance in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100